8-K

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                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

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                                   FORM 8-K

                                CURRENT REPORT

                    Pursuant to Section 13 or 15(d) of the

                        Securities Exchange Act of 1934

        Date of report (Date of earliest event reported): July 15, 2005

             SYNTHETIC FIXED-INCOME SECURITIES, INC. ON BEHALF OF:
    STRATS(SM) TRUST FOR GOLDMAN SACHS CAPITAL I SECURITIES, SERIES 2005-1
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            (Exact Name of Registrant as Specified in Its Charter)


          Delaware                   333-111858-13             52-2316339
                                       001-32527
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(State or Other Jurisdiction        (Commission File        (I.R.S. Employer
     of Incorporation)                   Number)           Identification No.)


Synthetic Fixed-Income Securities, Inc.
301 South College
Charlotte, North Carolina                                        28288
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(Address of Principal Executive Offices)                       (Zip Code)


Registrant's telephone number, including area code: (704)383-7727
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
following provisions (see General Instruction A.2. below):

[ ]  Written communications pursuant to Rule 425 under the Securities Act
     (17 CFR 230.425)

[ ]  Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act
     (17 CFR 240.14a-12(b))

[ ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the
     Exchange Act (17 CFR 240.14d-2(b))

[ ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the
     Exchange Act (17 CFR 240.13e-4(c))

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The STRATS(SM) TRUST FOR GOLDMAN SACHS CAPITAL I SECURITIES, SERIES 2005-1,
which we refer to herein as the "Trust," was formed pursuant to the Base Trust
Agreement, dated as of September 26, 2003, between Synthetic Fixed-Income
Securities, Inc., as depositor, and U.S. Bank Trust National Association, as
trustee and securities intermediary, as supplemented by the STRATS(SM)
Certificates Series Supplement 2005-1 in respect of the Trust dated as of May
31, 2005.

Item 8.01. OTHER EVENTS

On July 15, 2005 distribution was made to the holders of the certificates
issued by the Trust. Specific information with respect to the distribution is
filed as Exhibit 99.1 hereto.

No other reportable transactions or matters have occurred during the current
reporting period.

The Goldman Sachs Group, Inc. ("Goldman"), the issuer of the junior
subordinated debentures, the sole assets held by the issuer of the underlying
securities, is subject to the information reporting requirements of the
Securities Exchange Act of 1934, as amended, (the "Exchange Act"). For
information on Goldman Sachs Capital I please see its periodic and current
reports filed with the Securities and Exchange Commission (the "Commission")
under its Exchange Act file number, 001-14965. The Commission maintains a site
on the World Wide Web at "http://www.sec.gov" at which users can view and
download copies of reports, proxy and information statements and other
information filed electronically through the Electronic Data Gathering,
Analysis and Retrieval system, or "EDGAR." Periodic and current reports and
other information required to be filed pursuant to the Exchange Act by Goldman
may be accessed on this site. Neither Synthetic Fixed-Income Securities, Inc.
nor the Trustee has participated in the preparation of such reporting
documents, or made any due diligence investigation with respect to the
information provided therein. Neither Synthetic Fixed-Income Securities, Inc.
nor the Trustee has verified the accuracy or completeness of such documents or
reports. There can be no assurance that events affecting the issuer of the
underlying securities, the issuer of the junior subordinated debentures, or
the underlying securities themselves, have not occurred or have not yet been
publicly disclosed which would affect the accuracy or completeness of the
publicly available documents described above.


Item 9.01. FINANCIAL STATEMENTS AND EXHIBITS

(c)  The following exhibit is filed as part of this report:

     99.1     Trustee's Distribution Statement to the STRATS(SM) Certificates,
              Series 2005-1 for July 15, 2005 Scheduled Distribution Date.


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                                   SIGNATURE


     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.



                                    Synthetic Fixed-Income Securities, Inc.

                                    By: /s/ Jeremy Swinson
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                                    Name:   Jeremy Swinson
                                    Title:  Vice President



Date: July 15, 2005


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                                 EXHIBIT INDEX


Exhibit Number       Description
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     99.1            Trustee's Distribution Statement to the STRATS(SM)
                     Certificates, Series 2005-1 for July 15, 2005 Scheduled
                     Distribution Date.



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EX-99.1

                                 Exhibit 99.1

To the Holders of:
STRATS(SM) TRUST FOR GOLDMAN SACHS CAPITAL I SECURITIES, SERIES 2005-1
Structured Repackaged Asset-Backed Trust Securities
*CUSIP:      86312BAA5 - Variable Floating Rate Certificates


U.S. Bank Trust National Association, as Trustee for the STRATS(SM) TRUST FOR
GENERAL ELECTRIC CAPITAL CORPORATION SECURITIES, SERIES 2005-1, hereby gives
notice with respect to the Scheduled Distribution Date of July 15, 2005 (the
"Distribution Date") as follows:

1.   The amount received from the Swap Counterparty on July 15, 2005 was
     $40,711.11 and was distributed to Certificateholders as interest.


2.   The amount of the distribution payable to the Certificateholders on the
     Distribution Date allocable to principal and premium, if any, and
     interest, expressed as a dollar amount per $1,000 Certificate is set
     forth below:

               Principal          Interest               Total Distribution
               $  0.000000        $   4.0711111          $  4.0711111

3.   The amount of aggregate interest due and not paid as of the Distribution
     Date is 0.000000.

4.   No fees have been paid to the Trustee or any other party from the
     proceeds of the Underlying Securities.

5.   At the close of business on the Distribution Date, $10,000,000 aggregate
     principal amount of Goldman Sachs Capital I 6.345% Capital Securities due
     2034 (the Underlying Securities) are held for the above trust.

6.   At the close of business on the Distribution Date, 10,000 Certificates
     representing $10,000,000 aggregate Certificate Principal Balance were
     outstanding.

7.   The current rating of the Underlying Securities is not provided in this
     report. Ratings can be obtained from Standard & Poor's Ratings Services,
     a division of The McGraw-Hill Companies, Inc., by calling 212-438-2400
     and from Moody's Investors Service, Inc. by calling 212-553-0377.

U.S. Bank Trust National Association,
as Trustee


*The Trustee shall not be held responsible for the selection or use of the
CUSIP number nor is any representation made as to its correctness. It is
included solely for the convenience of the Holders.